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  • Publication
    Driving Growth from the Ground Up
    (World Bank, Washington, DC, 2019-10-07) Malpass, David
    David Malpass, President of the World Bank Group, spoke about the urgency of growth in developing countries. He discussed innovations in digital financial services that provide secure systems to allow poor people to electronically receive remittances, foreign aid, and social safety-net payments as well as their earnings. He cautioned about the slow global growth, and it's paramount that countries carry out well-designed structural reforms to ignite domestic growth. He highlighted on the importance of a clear analysis and understanding of a country's laws and regulations and a path of reforms or catalytic investments that will expand the private sector. Finally, he concluded by saying that World Bank Group won’t give up on its main goal of reducing extreme poverty.
  • Publication
    Latin America and the Rising South: Changing World, Changing Priorities
    (Washington, DC: World Bank, 2015-05-19) de la Torre, Augusto; Didier, Tatiana; Ize, Alain; Lederman, Daniel; Schmukler, Sergio L.
    The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing (South) countries. However, the recent rise of developing economies suggests the need to go beyond this North-South dichotomy. This tectonic re-configuration of the global landscape has brought about significant changes to countries in the Latin America and Caribbean (LAC) region. The time is ripe for an in-depth analysis of the dynamics and nature of LAC's external connections. This latest volume in the World Bank Latin American and Caribbean Studies series will focus on the implications of these trends for the economic development of LAC countries. In particular, trade, financial, macroeconomic, and sectoral shifts, as well as labor-market aspects will be systematically analyzed.
  • Publication
    The Seven Sins of Flawed Public-Private Partnerships
    (World Bank, Washington, DC, 2015) de la Torre, Augusto
    There are three stakeholders in a public-private partnership (PPP), (a) the government in office, (b) private firms (financial and non-financial) and investors (individual and institutional), and (c) final beneficiaries (taxpayers or users, present and future). The raison detre of PPPs is threefold: (i) to crowd in private firms and investors into projects that they will otherwise not undertake; (ii) to transfer to the private sector a significant part of the risks and costs that the government would otherwise fully absorb; and (iii) to ensure that the projects efficiency/quality is at least equal to that obtained if the government alone carried all costs and risks. Important (yet often ignored) implications follow. First, outsourcing (e.g., construction and maintenance) to the private sector does not by itself constitute a PPP if all risks and costs are, in one way or another, still borne by the government. Second, a PPP does not reduce total risk; it simply distributes it differently, involving private sector firms and investors. Third, the total costs borne by the final beneficiaries would be lower under a PPP (compared to a project whose costs and risks rest completely in the governments balance sheet) only if the PPP achieves efficiency gains; otherwise, what beneficiaries save in taxes they will pay in user fees, although, under a PPP, more of the costs would be assigned to direct beneficiaries/users, than to taxpayers at large. Fourth, that a PPP can provide (cash) budget relief may be a welcome corollary for the government in office but it is not a core objective of a PPP.
  • Publication
    MIGA Annual Report 2014 : Insuring Investments, Ensuring Opportunities
    (Washington, DC: World Bank Group, 2014) Multilateral Investment Guarantee Agency
    In 2014, the World Bank Group adopted a joint strategy for dealing with impediments to ending extreme poverty and boosting shared prosperity. One of the strategy’s key elements underscores the essential role private sector investment can play working alongside public sector support to bear down on the most challenging development issues client countries face, such as job creation, infrastructure deficits, and climate change. MIGA’s role has become increasingly valuable in delivering results to achieve these twin goals as demonstrated by the increased demand for our political risk insurance and credit enhancement products that facilitate the expansion of private investment into emerging markets. In fiscal year 2014, MIGA issued a record $3.2 billion in new guarantees while our gross exposure reached $12.4 billion. MIGA’s added value stems from our ability to mobilize private sector investment in environments that are often beyond the risk tolerance of commercial sources of capital. This past fiscal year, MIGA worked with various stakeholders to develop our own strategy that aligns our objectives with the World Bank Group’s twin goals and underscores our aspiration to achieve significant development impact beyond what we can do alone. To achieve this, MIGA will need to be financially sustainable by prudently managing our risks, covering operating costs, and creating financial latitude by growing the Agency’s capital base.
  • Publication
    MIGA Annual Report 2013 : Insuring Investments, Ensuring Opportunities
    (Washington, DC: World Bank Group, 2013-10-11) Multilateral Investment Guarantee Agency
    In fiscal year 2013, Multilateral Investment Guarantee Agency (MIGA) issued 2.8 billion dollars in investment guarantees for projects in our developing member countries. At 1.5 billion dollars, representing more than half of new business, the bulk of MIGA's guarantees issued support investments in Sub-Saharan Africa. Sixty-nine percent of new business volume this year was in complex projects in infrastructure and extractive industries, a strategic priority for the Agency. This year, 82 percent of MIGA's new volume fell into one or more of strategic priority areas: investments in the world's poorest countries, "South-South" investments, investments in conflict-affected countries, and investments in complex projects. MIGA also established the conflict-affected and fragile economies facility to further deepen support to this priority area.
  • Publication
    The World Bank Annual Report 2012: Volume 1. Main Report
    (Washington, DC, 2012-10-05) World Bank
    The 2012 annual report of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) contains messages from both outgoing President Robert B. Zoellick and incoming President Dr. Jim Yong Kim. The Board of Directors statement highlights the Bank's achievements in 2012. The report showcases the Corporate Scorecard, presented in four tiers, providing information on the Bank's overall performance and results. Tier I provides the global development context. Tier II includes aggregate data collected through the standardized sector indicators. Tier III shows the overall success of Bank activities in achieving their development goals, as well as the Bank's operations effectiveness. Tier IV presents the Bank's organizational effectiveness and modernization. The report also discusses the financial commitments and resources, an operational summary, and World Bank lending by theme and sector for 2007-2012. Additional information on activities and outcomes is available in the annexes.
  • Publication
    Does What You Export Matter? In Search of Empirical Guidance for Industrial Policies
    (Washington, DC: World Bank, 2012) Lederman, Daniel; Maloney, William F.
    Does the content of what economies export matter for development? And, if it does, can governments improve on the export basket that the market generates through the shaping of industrial policy? This book considers these questions by reviewing relevant literature and taking stock of what is known from conceptual, empirical, and policy viewpoints. A large literature answers affirmatively to the first question and suggests the characteristics that distinguish desirable exports. More prosaically, but no less controversially, goods which are intensive in unskilled labor are thought to promote 'pro-poor' or 'shared growth,' whereas those which are skilled-labor intensive are thought to generate positive externalities for society as a whole. Concerns about macroeconomic stability have led to a focus on the overall composition of the export basket. This book revisits many of these arguments conceptually and, wherever possible, imports heuristic approaches into frameworks where, as more familiar arguments, they can be held up to the light, rotated, and their facets examined for brilliance or flaws. Second, the book examines what emerges empirically as a basis for policy design. Specifically, given certain conceptual arguments in favor of public sector intervention, do available data and empirical methods allow for actually doing so with a high degree of confidence? In asking this question, the book assumes that policy makers are competent and seek to raise the welfare of their citizens. This assumption permits sidestepping the debate about whether government failures trump market failures generically: In this sense, the book attempts to 'give industrial policy a chance.'
  • Publication
    Global Economic Prospects, June 2011: Maintaining Progress Amid Turmoil
    (2011-06) World Bank
    The global financial crisis is no longer the major force dictating the pace of economic activity in developing countries. The majorities of developing countries has, or are close to having regained full-capacity activity levels. As a result, country-specific productivity and sartorial factors are now the dominant factors underpinning growth. Macroeconomic policy in developing countries needs to turn toward medium-term productivity enhancements, managing inflationary pressures re-establishing the fiscal and monetary cushions that allowed most developing countries to come through the crisis so well. In contrast, activity in high income and some developing European countries continues to struggle with crisis-related problems, including banking-sector, fiscal and household restructuring. The remainder of this report is organized as follows. The next section discusses recent developments in global production, trade, inflation, and financial markets, and presents updates of the World Bank's forecast for the global economy and developing countries. This is followed by a more detailed discussion of some of the risks and tensions in the current environment, and a short section of concluding remarks. Several annexes address regional and sartorial issues in much greater detail.
  • Publication
    Politically Exposed Persons : Preventive Measures for the Banking Sector
    (World Bank, 2010) Greenberg, Theodore S.; Gray, Larissa; Schantz, Delphine; Gardner, Carolin; Latham, Michael
    The paper is focused on the banking sector, not on other financial and nonfinancial sectors vulnerable to the laundering of corrupt funds. These other sectors may find the recommendations and good practices provided in this paper relevant, but should analyze the findings of this paper in light of their particular circumstances and specific features. The paper includes a number of practical tools to help guide banks, regulators, and other public authorities. The paper is organized into four major parts: the remainder of this part (part one) sets out some of the main observations and trends in politically exposed person (PEPs) compliance and an analysis of the principal reasons for poor compliance and overall ineffectiveness of systems to detect and monitor PEPs. Part two focuses on the implementation of PEP measures by regulatory authorities and banks. Part three reviews the roles of the public authorities that are primarily involved in preventing abuse by corrupt PEPs. These authorities include the regulatory authority, which is responsible for providing guidance to banks and enforcing compliance, as well as the financial intelligence unit (FIU), which has a role in the context of suspicious transaction reports (STRs) on PEPs. Finally, part four considers some of the cross-cutting issues national cooperation, training, and resources that must be addressed by all stakeholders.
  • Publication
    Managing Risk and Creating Value with Microfinance
    (World Bank, 2010) Goldberg, Mike; Palladini, Eric
    This report brings together the results of an eight-part series of presentations by leading experts in issues directly related to microfinance institutional sustainability. It is intended for microfinance institution (MFI) board members, managers, and staff members as well as for government regulators, supervisors, and donor staff members. The first four chapters include topics in risk management: (1) risk management systems, (2) good governance, (3) interest rates, and (4) micro-insurance. The last four chapters include four topics in new product development and efficient delivery methodologies: (5) housing microfinance, (6) micro-leasing, (7) disaster preparedness products and systems, and (8) new technologies. The objectives of the series were as follows: i) to strengthen MFIs by disseminating innovative approaches in risk management, cost control, governance, and new technologies; ii) to promote a South-South exchange of experiences and lessons learned; iii) to promote greater ties among the MFIs in the region and between MFIs and government supervisors and regulators; and iv) to highlight the Bank's ability to mobilize international technical expertise in microfinance.